Academy Sports and Outdoors, Inc. (NASDAQ:ASO) Q1 2024 Earnings Conference Call June 11, 2024 10:00 AM ET

Company Participants

Matt Hodges - VP, IR
Steve Lawrence - CEO
Carl Ford - CFO

Conference Call Participants

Seth Basham - Wedbush Securities
Justin Cleaver - Baird
Michael Lasser - UBS
Simeon Gutman - Morgan Stanley
Chris Horvers - JPMorgan
Kate McShane - Goldman Sachs
Robbie Ohmes - Bank of America
Greg Melich - Evercore ISI
Anthony Chukumba - Loop Capital Markets
John Kernan - TD Cowen
John Heinbockel - Guggenheim Securities

Operator

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors First Quarter Fiscal 2024 Results Conference Call. At this time, this call is being recorded and all participants are in listen-only mode. Following the prepared remarks, there will be a brief question-and-answer session. Questions will be limited to analysts and investors. [Operator Instructions]

I'll now turn the call over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors. Matt, please go ahead.

Matt Hodges

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors First Quarter 2024 Financial Results Call. Participating on the call are Steve Lawrence, Chief Executive Officer, and Carl Ford, Chief Financial Officer. As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risk and uncertainties that could cause our actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the earnings release and in our SEC filings.

The company undertakes no obligation to revise any forward-looking statements. Today's remarks also refer to certain non-GAAP financial measures. Reconciliation to the most comparable GAAP measures are included in today's earnings release, which is available at investors.academy.com. I will now turn the call over to Steve Lawrence for his remarks. Steve?

Steve Lawrence

Thanks, Matt. Good morning to everyone and thanks for joining our first quarter 2024 earnings call. As always, we appreciate your interest and support of Academy Sports and Outdoors. As you saw from our press release this morning, sales for Q1 came in at a [$1.36 billion] (ph) which was a 1.4% decline versus the first quarter of last year. As a reminder, we had a 53rd week in 2023, so we're using a shifted comp sales calculation which compares weeks one through 13 this year versus weeks two through 14 last year. Using this methodology, our comparable sales for the first quarter came in at down 5.7%.